According to the Financial Review, Australia is preparing to join the ranks of the first countries to implement a spot Bitcoin exchange-traded product. The ETF is expected to begin trading on the Cboe equities trading venue, with traders and analysts expecting $1 billion to flow into the country’s first Bitcoin ETF.
For such a volatile and hazardous asset as Bitcoin, ASX Clear indicated that at least four market players will provide ample liquidity for the products and address settlement risks.
According to ASX’s chief risk officer, the company is ready to list and be open for public trading because it has the required number of clearing participants. Market participants will be notified seven days after ASX Clear receives regulatory approval. During this time, different market participants, including brokers, cleaners, market makers, and investors, will be preparing for live trading.
The Cosmos Asset Management Bitcoin ETF is planned to be available for trading on the exchange until the end of April. The product is not linked to the current Bitcoin price, but rather to the Purpose Bitcoin ETF, which was the first Bitcoin ETP to be listed in Canada.
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